BEAVERTON, Ore. –Two credit unions in the Pacific Northwest are crossing state lines and the Columbia River in a merger.
Members of Lighthouse Community Credit Union in Vancouver, Wash., have voted in favor of merging into Riverton Community Credit Union, which is approximately 15 miles south in Beaverton, Ore.
The merger has already been approved by state and federal regulators and both credit union’s boards of directors and took place on June 1.
The $15.1-million Lighthouse Community had one office that will remain open. The $1.2-billion Rivermark has more than 86,000 members. Lighthouse Community CU was organized in 1953 by paper mill employees and had approximately 1,800 members.
What Disclosures Show
In disclosure documents required by NCUA on merger proposals, Lighthouse Community CU, which had capital of 10.54% at the time of the merger, said it will not be making any share adjustment or payout to members. The disclosure documents indicate a $25,000 retention bonus agreement was paid to Lighthouse Community CU President Steve Bernhoft.
Rivermark Community Credit Union said the new members will have access to nine branch locations across Oregon and Southwest Washington, as well as expanded online banking, mortgage, and business services. Rivermark is focused on creating an environment where members are equipped to take control of their own financial well-being.
Commitment to ‘Empowerment’
“We are excited to welcome Lighthouse members to the Rivermark family,” said Seth Schaefer, president/CEO of Rivermark Community Credit Union. “Our credit unions share a commitment to financial empowerment and to local, accessible and personalized financial solutions,” continued Schaefer. When the merger is complete, Rivermark members will benefit from branch access in Vancouver, where over 3,000 existing members live.